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, bank america. i'll wear a name tag next time. >> more "fast" at 5:00. >>> "power" starts right now. >> welcome to a special "rise above" edition of "power lunch," live from the nation's capital. the heart of the action today right now on capitol hill, dozens of ceos are working the hallways trying to convince lawmakers to get a deal done and avoid the fiscal cliff. >>> next stop, the white house later this afternoon. good afternoon, everybody. i'm tyler mathisen. it is a big day in this national discussion about how washington can avoid the fiscal cliff. some of the senators in the center of the debate will be stopping by. we may hear from some ceos this hour. we do expect to hear from some of them at a press conference later this hour. the president, by the way, weighed in on the debate this morning as well. sue, a busy day down here in washington. >> it sure is, ty. indeed it is here as well. we are going to be joined by a very special guest, noted author and investor nassem taleb. after dropping more than 100 points in the early going, the dow sittingality the highs of the day.
and investment cliff certainly interrelated. that's the definition of holding america's economy hostage. the politico's chief economic correspondent ben white says don't worry so much. ben, why do you say that? welcome back to "power lunch." why do you say this deal you think is done? >> details i think of the deal aren't done but the inevitability of the deal is done. people are looking at this through the lens of 2010-2011, a rising tea party, complete dysfunction in congress. not that we have a great function in language but we had a presidential election which the president ran and run on raising the top income tax rates. even republicans admit across the board, governor haley barbour of mississippi, one of the most conservative states in the nation, said we have to cut our losses on this, take some slight tax increase in return for some spending cuts. they're going to be back and forth, there's going to be moments where it looks like we're close to a deal, then terms change a little bit. but there is absolutely no appetite on the part of the republican party to get blamed for a fis
of the trading day starts right now. >>> good afternoon, everybody. america's energy problems be gone. the genie we have been hoping for for four decades now will arrive and the u.s. will serve up more oil than saudi arabia in the year 2020. that according to a new report by people who actually do know the oil business very well. >>> and sex and the ceo. and the collateral damage. how widespread is sex at work? we really want the answer to that question? >>> what should the consequences be. >>> and no hockey. forget about that. no problem. look what the world of auto racing brought us over the weekend. a brawl! another black eye for a sport that corporate america was counting on? no fighting here at cnbc. sue's with me here again. nice to have you here, sue. >> it is great to be here, ty. those "fast money" guys got me all riled up over there. they're having a good time. >>> we're going to take a look at the markets right now. dow jones industrial average has turned into positive territory, not by too much, but hey if you're a bull, we'll take it. the s&p is up two. the nasdaq up almost eight on
it will drive united states of america back into recession. >> 700,000 jobs would be destroyed. >> i'm not going to ask students and seniors and middle class families to pay down the entire deficit. >> we have 47 days for washington to work out a deal. this is a special edition of "power lunch" -- "rise above." as we await president obama's news conference 30 minutes away. >>> that is a live picture of the white house, everyone. the president's news conference begins in 30 minutes from now. we will count you down every step of the way. fiscal cliff will obviously be one of the top topics this hour. brian sullivan, eamon javers, john harwood is working his way into the white house right now for that news conference. they are all gathered with me. brian, we're going to begin with you. >> this is a big day at the white house. this is a big week at the white house regarding the fiscal cliff, guys. and today, 12 top ceo are coming here to the white house to meet with the president, anything from walmart to duke energy to ursula burns of xerox and nine others. they will gather up, they will huddle up
ranch. you have to be the most diversified businessman in america. wouldn't you say? >> i have a diversified portfolio. >> reporter: gillman is a republican in a state represented by one of america's most powerful democrats, harry reid. >> he's been a friend to the state of nevada. so certainly i supported his campaigns. >> reporter: but he doesn't agree with reid on everything and he's worried about the fiscal cliff in a region recovering more slowly than the rest of the nation. >> to me, our world is tied to confidence. confidence in our leaders, confidence in washington. confidence in taxes. trying to figure out what's going to happen with all the health care. and we are absolutely crushed with regulation. this is where the buck stops. all of the rules that are made back there. all the regulations that are made back there. all the financial decisions, they all flow right down here to where you and i are standing. and if companies aren't calling and if they aren't expanding and if we aren't growing, then we're going in the opposite direction. >> reporter: applied analysis pre
a terrible month on their earnings. bank of america, highest close since april. jpmorgan also good. simon, you think the sandy play would be over, but no. trex, those waterproofing products -- >> you got to wonder if they're covering shorts in advance of the employment report perhaps, bob. >> they're buying on sandy pretty heavy on these stocks. >> >>ty, more later, back to you. >>> a lot of economic data out today. some of it supposed to have come out earlier in the week, was delayed. shows an economy building momentum. that is at least until sandy came. steve leisman here. steve, is sandy going to slam the brakes on this slightly upward arc we're seeing in the economy? >> it is definitely going to have an impact on the economy. today we got a read on the economy ahead of sandy giving us really a baseline. that baseline was a little bit better than economists originally thought. at almost every count. perhaps the miss here -- what a nice graphic they made. perhaps the miss there was because they don't know how to estimate the new methodology. but that was better than expected. claims a l
mcafee is on the run in central america. he is wanted for murder. we have new information this hour, including his side of the story. >>> and tens of thousands of people are still without power in the 12 wealthiest counties in the country. my mere and father-in-law got theirs back last night, but they still have no heat, no hot water and no laundry. we sent gary gam minute ski into the mess in his home up to with two cameras and what he came back with will stun you. sue is live at the new york stock exchange. sue? >> i have seep a little bit of that ty, you don't want to miss gary's story in a few minutes much the markets have been up and down on either side unchanged today. right now the dow is in the green by 22 points, the s and p up about 2.75 points. nasdaq negative by a quarter percent. gold market, a little profit taking there, well up above the 1700 level. west texas intermediate crude down two-thirds of a percent. all of this as the count down to the fiscal cliff ticks away. your money is literally being held hostage by washington's inability to make a deal. labor leaders i
will attract new companies, and high-wage jobs to america. it is a plan to put folks back to work, including our veterans, rebuilding our roads and our bridges and other infrastructure, and it is plan to reduce our deficit in a balanced and responsible way. our work is made that much more are urgent because at the end of this year, we face a series of deadlines that require us to make major decisions about how to pay our deficit down. decisions that will have a huge impact on the economy and the middle class, both now and in the future. last year i worked with democrats and republicans to cut a trillion dollars worth of spending that we just couldn't afford. i intend to work with both parties to do more, and that includes making reforms that will bring down the cost of health care so we can strengthen programs like medicaid and medicare for the long haul. but, as i've said before, we can't just cut our way to prosperity. if we're serious about reducing the deficit, we have to combine spending cuts with revenue and that means asking the wealthiest americans to pay a little more in taxes. that
morning, first on cnbc, "squawk on the street," talking with mark roy, the head of gm north america, not only about the spark ev, tyler, but gm doubling down on electric and extended range electric vehicles, believe this is the market to be in the years to come. >> what do they base that an awful lot of taxpayers still with a stake in that company would be skeptical saying why are you doubling down on a car -- technology so far done nothing but louz money? >> their belief is that in the long run, it will pay off. you bring up a good point, tyler. going to be a lot of people who look at this and say listen, the vol has not lived up to the sales expectation bus you're going to be selling it soon in china, expect seams to ramp up there cadillac an ev. why make all of this vernlgts you talk with dan ackerson says emphatically evs are the future for this industry, maybe not this year, maybe not next year but down the road, why they continue to invest in electric cars. thank you very much, phil lebeau in los angeles for us today. so, what do you think of the electric car? go to finance.ya
in america? should they pay more? >> if i can go back to the beginning of your question because i really agree with that, that what we're seeing is i think these profound economic forces and then governments in our societies can either mitigate them or lean into them. the paradox of america is, even if you have had the underlying economy lead to this greater wealth disparity, you actually have taxes at the very top and on the particular kinds of income that the wealthy tend to earn fall. so, yeah -- >> what's a good number? 45%? 50%? >> my book isn't about policy recommendations, robert. >> all right. we'll leave it there. michelle? >>> we got the last read on the jobs report before tuesday's election. who is it going to help the most? president obama or governor romney. >>> plus, while the new york boroughs like staten island struggle without power after hurricane sandy, the city is getting ready to hold a marathon this weekend. good idea? or wasted use of resources that could be deployed somewhere else. we discuss right after the break. when you take a closer l. ...at the best schools
, hostess, has made an announcement that will make america think of our collective childhood. that sugar rush is about to wear off forever. >>> plus, huge numbers for blockbusters in the world of entertainment. one from the movie business and the other in the gaming industry. see who's going to profit when "power lunch" comes back. >>> if congress allows the u.s. economy to fall off the fiscal cliff, gdp will shrink only 3% during the first six months of 2013. [ male announcer ] when it comes to the financial obstacles military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings advice. call or visit us online. we're ready to help. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right
in the nation for job growth over the past year. and in our america's top states for business rankings this year, third for low cost of doing business. but who gets credit for that, the democrats and support of president obama say it's the auto bailout you can the stimulus. supporters of governor romney say it's republican governor john kasich and the strides this state has made are in spite of president obama. economist jason sell legman here at ohio state says it really has to do a lot with ohio's diverse economy. >> we, of course, both make things but we make things for each other, so there are export and import dynamics. >> what is -- will have to be different by the obama administration is forging a new alliance with the business community all over the country. and the new alliance is going to carry the day on the other side of the aisle, the republican. >> that's columbus mayor mayor michael coleman who is predicting an obama victory but says there needs to be changes if the president is re-elected in terms of how he relates to business, particularly as we head for the fiscal cliff. we wil
, former ceo of intel, described california where you live and do a lot of business as america's version of greece because of the level of public expenditure and so forth. do you see it that way? >> no, i don't see it that way. listen, california has its issues. locally we have our issues. there are income issues, there are increased taxes that i wouldn't necessarily want to have happen in the state, which did happen. but we have to address those. i think we've got positive momentum. i know we have positive momentum. so are we perfect? no. but california is growing at a much faster pace and a better pace than most of the united states. so i don't equate it to greece at all. >> mr. caruso, thank you for being with us and a happy thanksgiving to you. >> thanks you. >>> he's a billionaire, right? i wish he were related. >>> all right, next, making cardboard profitable and interesting. jane wells is on the case, of course. jane. >> hey, michelle. say you have a business where you use a lot of cardboard boxes and you want to be green and buy cheaper recycled boxes. we. fou we found a guy that
, that is something we are not used to in the united states of america, tyler. we expect to be an economy that grows a faster pace than that, up until now, one of the most liberal economies in the world and we don't mean in terms of liberal versus conservative in politics, mean the most dynamic economy, where we can adapt to changes very, very quickly. that's why we can grow so fast. at least in the past. that would be one dramatic change if that turns out to be true, and frightening. >> one of the other things that you were talking about and kenny polcari was and john, your thoughts on, this the idea that whether we go full thelma and louise off the fiscal cliff or not, there is likely to be fiscal restraint in the year 2013. higher taxes some form or another and reduced federal spending and that is going to pull -- put a drag on the economy, a headwind, whether that will be sufficient to push the economy into a recession or not it he was a little bit vague on it. he said we could maybe deal with that, but, we the fed, don't have the tools to deal with the full dots. >> what we have been talking ab
coal and that's enormously problematic for all of america, but in particular for coal producing states like penn. we've had to close six pennsylvania power plants just because of new -- a whole new generation of epa regulations. that's going to raise the cost of energy for us. and that's problematic. now in the meantime of course, there's been a huge boom in natural gas that's dramatically lowered the price and that has largely offset some of the damage that's been done on the coal side so far. but we really ought to be using both of these and we ought to be drilling for more oil. we really could be energy independent given the gas that we found and the oil that's coming from new reserves that we can reach through fracking, we can be energy independent but we've got to be willing to use the fossil fuels we have. >> senator toomey, thank you very much. sue, back to you. >>> thanks, ty. jonathan, as we've talked to a number of politicians throughout the day and it does seem as though they're going to take us right up to the brink. what does the market do if indeed that happens. >> if we
america's ready. make sure you're ready. at devry.edu/knowhow. ♪ >>> welcome back to "power lunch." we're watching shares of windstream, hitting a three-year low. it's only one of a dozen new lows in the s&p 500. we have no new highs today. >> all right, bertha. thank you very much. >>> we might say that the dow jones industrial average has pared its losses since we came on the air. we were down 82 points and now we're only down 44 points on the trading session. the s&p 500 is down about six points on the trading day but the nasdaq continues to suffer in terms of its percentage losses. but it also is coming off of its worst levels of the day. that's some good news 40s bulls out there. >> very interesting day. an interesting week. we got more coming up
affecting, coburn says, america's military fighting strength. back to you. >> eamon javers, thank you very much. let's talk more about this with ben white, chief financial correspondent at politico. ben, welcome back. react to senator coburn's report which i believe, if i'm recalling correctly, he has done in multiple years in the past. it is always extraordinarily provocative. if we were to go after real waste in the government, how much would we really get? >> well, clearly here we'd get $67 billion if you go after ten years. department of defense may have the biggest amount of boondoggle spending. i don't know if anybody else studies cling-on religious beliefs or new ways to get beef jersey flatter, but there is wasted fraud and abuse all over the federal government. we always talk about eliminating them as part of any deficit reduction deal so we don't have to cut spending or raise taxes as much in important areas. we never wind up doing it. that's why coburn comes out every year with a new report highlighting these things. in addition to that $67 billion over ten years, there are prob
the right thing, putting america back to work. >> we don't legislate but we know a lot about what the consequences are of a failure to reach an agreement. >> only way democracy works is through compromise at the end of the day. i know no other way. >> i'm optimistic we can continue to work together to avert this crisis. >> our ultimate goal is an agreement that gets our long term deficit under control in a way that's fair and balanced. >> a reversal of fortune on wall street as stocks trade on fiscal cliff comments from president obama and john boehner. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. the white house has to get serious. >> republicans know where we stand. we've said it, we've said it, we've said it so many times. >> i think all of us today are confident we can reach a bipartisan agreement by christmastime. >> according to congressional republican aides who have talked to the "wall street journal," they say they have obtained a copy of the white house's proffer here in the fiscal cliff negotiations
Search Results 0 to 17 of about 18